Roth Believes that Another Hyperscaler Lease is 'Imminent' for Applied Digital Corporation (APLD)

Applied Digital Corporation (NASDAQ:APLD) is among the 11 Best Bitcoin and Blockchain Stocks to Invest in.

Applied Digital Corporation (NASDAQ:APLD) is among the Best Bitcoin Stocks.  

Roth Capital said that Applied Digital has started construction on Delta Forge 1, its AI Factory campus in a strategic southern U.S. market, which is planned to support an initial 430 MW of utility power. The firm believes the site is located in Louisiana and expects the company to secure a formal lease with another hyperscaler in the coming months. The analyst also noted that Applied Digital continues to rank among its top picks and kept a Buy rating with a $58 price target on the stock.

Separately, on January 28, Northland analyst Mike Grondahl confirmed his Outperform rating on Applied Digital Corporation (NASDAQ:APLD) during the Q2 call, raising the price target from $40 to $56. The company disclosed significant conversations with an investment-grade hyperscaler about three possible sites totaling 900 megawatts.

The firm recorded $126.6 million in revenue in the last quarter, showing a 250% surge year on year. It reported a $31.2 million net loss attributable to common stockholders and a $0.11 loss per share, both significantly lower than last year. It made $0.1 million in adjusted net income and $20.2 million in adjusted EBITDA.

Applied Digital Corporation (NASDAQ:APLD) is a technology company that provides computing power through the building and operation of data centers. It functions through the HPC Hosting Business and Data Center Hosting Business divisions.

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